Thanks, gunpointmetal!
I am pretty sure I left the Re-amp Src (USB 7) to "Guitar" in the Global Settings > Ins \ Outs - which is why I'd be getting the dry signal in one channel. I was just doing a quick audio recording using Quicktime which meant it was recording all the USB outputs from Helix (in this case 1/2, and 7).
I'll change the setting tonight when I get home and report back. Additionally, I could probably use Garage Band to try recording just channels 1/2 and not 7.